Built on a disused World War II airfield, Silverstone has come a long way since Stirling Moss first raced there around oil drums and hay bales more than 60 years ago.

The iconic English circuit has become more than just a venue -- it represents the rich past of British motor racing and is the key to its Formula One future -- though Moss still hankers over the track's old curves and straights which have now been revamped.

"I liked it as an airfield, I must be honest," Moss, who made his Silverstone debut in 1948, told CNN.

Britain has had a race on the Formula One calendar since the championship began in 1950.

Silverstone staged it along with Brands Hatch and Aintree before taking it on fulltime from 1987. In the past decade, however, there has been a real danger that the event would be dropped amid public wrangles over money and accusations of a lack of development by F1 chief Bernie Ecclestone.

Silverstone: Home of the British Grand Prix 12 photos

Silverstone: Home of the British Grand Prix12 photos

Humble beginnings – After a gap of 21 years, the British Grand Prix returned to the motor racing calendar in October 1948 at Silverstone, which had recently been built on a disused World War II airfield.

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Silverstone: Home of the British Grand Prix12 photos

Racing family – UK racing legend Stirling Moss, seen here talking to his father Alfred, competed at Silverstone as a 19-year-old that month.

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Silverstone: Home of the British Grand Prix12 photos

Silverstone success – Moss did not have much success in Formula One at the English circuit, but won a 500cc race there in July 1952.

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Silverstone: Home of the British Grand Prix12 photos

It takes two – Moss' two British Grand Prix successes both came at Aintree near Liverpool. His 1957 win was in tandem with teammate Tony Brooks.

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Silverstone: Home of the British Grand Prix12 photos

Changes start – Australian racing driver Jack Brabham rounds a bend at Silverstone, featuring new raised earth banks, during the Silver City Trophy race for Formula 1 cars in August 1960.

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Silverstone: Home of the British Grand Prix12 photos

View from the stands – Safety standards were lower in the circuit's early years. Spectators erected their own viewing stand for the F1 international trophy race in May 1966.

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Silverstone: Home of the British Grand Prix12 photos

A new era – F1 legend Ayrton Senna leads the field during the first lap of the British Grand Prix in 1990, a year that major revisions were made to the circuit.

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Silverstone: Home of the British Grand Prix12 photos

Going my way? – The following year Senna was famously given a ride by race winner Nigel Mansell after he ran out of fuel on the final lap at Silverstone.

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Silverstone: Home of the British Grand Prix12 photos

Battles with Bernie – The future of the British Grand Prix, and Silverstone itself, came under threat following arguments with F1 chief Bernie Ecclestone over a lack of development at the Northampton venue.

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Silverstone: Home of the British Grand Prix12 photos

MotoGP moves in – Subsequent changes to Silverstone meant that the circuit could host motorcycling's elite division of racing, MotoGP.

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Silverstone: Home of the British Grand Prix12 photos

Growing a new wing – In 2011, Silverstone unveiled a new $44 million pit complex and paddock called the Silverstone Wing.

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Silverstone: Home of the British Grand Prix12 photos

Defending champion – Ferrari's Fernando Alonso won last July's race and the 2012 championship leader will once again be one of the contenders this weekend.

Mille Miglia magic – The Mille Miglia, or "Thousand Miles," is a grand tour from Brescia in northern Italy, down to the capital city of Rome, and back again. Today, it is a leisurely classic car event. But it has a far racier history...

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Mille Miglia - Classic car race8 photos

Road rage – The race began in 1927, with entrants of varying levels of ability taking up the challenge in pursuit of glory. This picture shows British driver Geoffrey Healey taking victory at Brescia in 1949.

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Mille Miglia - Classic car race8 photos

Stirling effort – British motorsport legend Stirling Moss set the record for the highest average speed recorded throughout an edition of the race when he romped to victory in 1955.

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Mille Miglia - Classic car race8 photos

Triumphant return – Moss returned to Brescia this week with Jaguar for the start of the 2012 event. The 82-year-old described his experiences in the Mille Miglia as "frightening."

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Mille Miglia - Classic car race8 photos

Finn it to win it – Finland's Mika Hakkinen, a double Formula One world champion, competed in the 2008 event.

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Mille Miglia - Classic car race8 photos

A tragic end – The Mille Miglia's existence as a pure road race was ended in 1957, when Spanish driver Alfonso de Portago's Ferrari left the track, killing him, his co-driver and nine spectators.

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Mille Miglia - Classic car race8 photos

A legacy in tatters – The wreckage of De Portago's car after his fatal crash in the Italian village of Guidizzolo.

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Mille Miglia - Classic car race8 photos

A sad farewell – Enzo Ferrari, the founder of the legendary Italian manufacturer, was present at De Portago's funeral.

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EXPAND GALLERY

The Silver Arrow rises again 6 photos

The Silver Arrow rises again6 photos

In the hot seat – Michael Schumacher in the modern Silver Arrow while Mercedes teammate Nico Rosberg takes the wheel of the 1955 model.

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The Silver Arrow rises again6 photos

Then and now – China Grand Prix champion Nico Rosberg is the first Mercedes driver to win a Formula One race since Juan Manuel Fangio in Italy in 1955.

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The Silver Arrow rises again6 photos

Home comforts – The two Germans will return home this weekend and help launch the new season of the DTM touring car series at Hockenheim.

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The Silver Arrow rises again6 photos

Classic car – Fangio, pictured in second place, races the original Silver Arrow at the Buenos Aires track in 1955. The Argentine didn't disappoint his home crowd, later taking the title.

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The Silver Arrow rises again6 photos

A star is born – Fangio is mobbed by fans after winning the 1955 Italian Grand Prix. The racing legend had 24 wins and five world championships in a career spanning almost 20 years.

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The Silver Arrow rises again6 photos

History makers – Fangio and Schumacher are the only drivers to have won three successive world championships, a feat Sebastain Vettel is hoping to match this year.

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EXPAND GALLERY

In 2008 he announced that English rival Donington would take over the race in a decade-long deal, but that collapsed a year later due to lack of funding.

Silverstone stepped back into the breach to secure a 17-year contract from 2010, as its owner -- the British Racing Drivers' Club -- announced a new layout that would welcome motorcycling's elite division, MotoGP.

Last year the new Silverstone Wing was unveiled, a £28 million ($44 million) pit and paddock complex.

"I think now it's a very sophisticated one, but what was essential was getting Bernie Ecclestone's agreement that we could have a long license so we can be sure of keeping the British Grand Prix where it really belongs, at the heart of Silverstone," said Moss, who competed in F1 from 1951-61.

His only two victories in his home race both came at Aintree, while he frequently failed to complete the distance at Silverstone.

"One of the reasons I entered motor racing was because it was dangerous," said the 82-year-old, whose competitive career ended after an accident before the start of the 1962 F1 season.

"Silverstone was one of the really fast circuits. You didn't get hairpins and all that stuff to mess around with. To win the British Grand Prix -- and for so many years the European Grand Prix -- it carries quite a lot of kudos."

Moss' 1957 win, shared with Tony Brooks, was the second occasion the British race had the honorary "European" title. James Hunt's 1977 victory was the last before it became a standalone event, which is now staged in Valencia.

Cars these days are slick, safe machines which still top 200 mph despite speed restrictions. Driver safety is now paramount, following years of driver deaths before improvements were made in the 1970s.

But back In 1948, motorsport was altogether scarier as the drivers raced around part of the perimeter track, up the two former runways head-on and then back to the perimeter.

"You were sitting very, very low, and seeing where the circuit went wasn't that easy at the time," added Moss.

"You had to designate where the circuit was or what part of the circuit you should be on, therefore there were oil drums and straw bales put around -- which, of course, then people would occasionally hit and spin off!"

The Monte Carlo Rally 5 photos

The Monte Carlo Rally5 photos

King Sebastien – Sebastien Loeb is the king of the World Rally Championship. The Frenchman has won an unrivaled eight world titles and has claimed victory at the Monte Carlo Rally on five occasions.

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The Monte Carlo Rally5 photos

History in the making – Competitors gather at the control center ahead of the 1937 Monte Carlo Rally. The race has existed in one form or another since 1911.

1964 mini – Mini has a rich rally driving history, with the iconic car enjoying success in the elite division of motorsport in the 1960s. During its golden era, Mini won the Monte Carlo Rally three times in four years between 1964 and 1967.

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The Monte Carlo Rally5 photos

A Mini revival – In April 2010, Mini announced it would return to the World Rally Championship for 2011. Spanish driver Dani Sordo is pictured here driving for the team in this year's race.

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EXPAND GALLERY

Williams' green machine 6 photos

Williams' green machine6 photos

Green machine – Williams F1 teamed up with the King and Co. tree nursery to produce "The Williams Story" -- a display depicting the history of the nine-time constructors' champions.

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Williams' green machine6 photos

Going for gold – The display at London's Chelsea Flower Show was awarded the prestigious gold medal. The topiary features a life-size F1 car and pit crew.

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Williams' green machine6 photos

Teaming up – Williams co-founder and team principal Frank Williams alongside Paul King, the owner of the King and Co nursery.

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Williams' green machine6 photos

Venezuelan victory – Williams celebrated a first grand prix victory since 2004 in Spain earlier this month, when Pastor Maldonado became the first driver from Venezuela to win a Formula One race.

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Williams' green machine6 photos

Up in smoke – The team's post-race celebrations were cut short by a fire in their garage, and smoke from the blaze engulfed the pit lane at the circuit in Catalunya.

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Williams' green machine6 photos

Fire damage – Seven people were hospitalized, while Williams also lost valuable parts and equipment. The British team thanked F1's other manufacturers for their support in helping prepare for this weekend's Monaco Grand Prix.

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In the 1950s and '60s, raised earth banks were built up to give spectators a better and safer view as the straw bales and drums were packed away.

"In 1990 they did a tremendous amount of revision to the circuit, to make it a bit more sophisticated, a more technical circuit," Moss said.

"I'm not sure I would have liked it, but I'd stopped by then so it didn't matter to me too much!"

In 1991, British driver Nigel Mansell won the race, from pole position, for the third of four times. He famously gave rival Ayrton Senna a ride back to the pits after the Brazilian ran out of fuel on the final lap.

That year Mansell was second in the championship for the third occasion, but went one better in 1992 as he again triumphed at Silverstone for Williams.

"Nigel Mansell's success there was quite a step forward," Moss said. "Nigel's quite a showman as well -- didn't he get off from his lap and kiss the ground or something? -- which all adds a bit of a glow to the place."

This weekend Britain's hopes lay with McLaren's former world champions Lewis Hamilton and Jenson Button, while Paul Di Resta is an outsider with Force India.

"The British Grand Prix is special because I get a massive boost from all the fans," Hamilton told reporters.

"To me, winning at Silverstone is right up there with winning at Monaco. Standing on the top step of the podium in 2008 was among the sweetest moments of my career."

Button's best finish in his home race is fourth, but the Englishman is struggling to regain the form that won him the world title in 2009 and saw him finish second overall last year.

"I always enjoy racing at home because the atmosphere is unbeatable, and while the race itself hasn't always been too kind to me, I come here every year knowing I can count on the support of the many thousands of fans," he said.